US oil country tubular goods pricing remains locked, though a quiet inventory build-up may soon push prices downward, Kallanish hears from market sources.
Kallanish maintained its representative P110 domestic welded casing price on Friday at $1,175-1,200/short ton. All prices are ex-works, domestic mill.
Oilfield demand is lacklustre, as both the US and Canadian rig counts continue to fall. The most recent rig count saw both US and Canada lose net rigs, and both are well below their equivalent 2018 counts (see related story).
“Prices haven’t moved,” says one Gulf Coast source, adding that some traders appear to be buying relatively inexpensive material in the hopes of a market pick-up. Buyers, however, are getting increasingly hard to find.
“Imports are still landing – unsold and cheap,” he says.
|Price Series||16 Aug, 2019||23 Aug, 2019||30 Aug, 2019||6 Sep, 2019|
|OCTG 5.5″ dia (FOB Short ton)||1175-1200||1175-1200||1175-1200||1175-1200|
|Welded tubes & pipes (Ex-Works Short ton)||950-970||950-970||950-970||950-970|
Source: KallanishSteel This post appeared first on Kallanish Energy News.